In a statement, CEO Leif Johansson said: 'During the second quarter, the Volvo Group's sales continued to increase as a result of the gradual recovery in demand in most of the Group's markets. At the same time, profitability continued to improve thanks to the sales increase, strict control over our costs and a good productivity development in our industrial system.'

However, he added that despite the recent sales increase, volumes in Europe, North America and Japan remain down in historical terms.

Commenting on the outlook going forwards, he said: 'There is ongoing intense work to complete the development and prepare the launch of a number of new products, which will be introduced in the market during the coming years. In terms of products, we are well prepared to capitalize on increased demand and, despite the challenges of last year, we also have a strong network of dealers that work closely together with customers. Based on this, I have confidence in the Volvo Group's development and opportunities in both the short and the long-term.'